U.S. stock-index futures rose on Friday, as investors digested the April data on the U.S. core PCE price index, the Federal Reserve's preferred measure of inflation, a slew of solid corporate earnings and reports about a $6 trillion budget proposal from the U.S. President Joe Biden.

Global Stocks:

FXStreet reports that the Credit Suisse analyst team suggests that above 4171/69, the S&P 500 Index can maintain an immediate upward bias within the broader consolidation range – with daily MACD potentially set to turn higher again to suggest upward momentum is starting to return.

“Support is seen at 4183 initially, with 4171/69 now ideally holding to maintain a slight upward bias in the range, reinforced by the fact we may be set to see daily MACD momentum turn higher again. 

“Resistance stays seen at 4213 initially, above which can clear the way for a move back to the 4238 record high, above which we see resistance seen at 4260 next.” 

(company / ticker / price / change ($/%) / volume)

Advanced Micro (AMD) resumed with a Buy at The Benchmark Company; target $100

Intel (INTC) resumed with a Hold at The Benchmark Company; target $55

Johnson & Johnson (JNJ) resumed with an Overweight at Morgan Stanley; target $187

HP (HPQ) target raised to $30 from $27 at Cowen 

Salesforce (CRM) target raised to $290 from $275 at Monness Crespi & Hardt

Apple (AAPL) downgraded to Sell from Neutral at New Street; target $90  

USD rose against its major rivals in the European session on Friday, as the benchmark 10-year Treasury yields held above 1.61%, as investors awaited the release of the April data on the core PCE price index (12:30 GMT), the Federal Reserve's preferred measure of inflation, which could provide cues on the near-term direction of the U.S. monetary policy.

The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, increased 0.39% to 90.33, rebounding further from the four-month lows it reached earlier in the week.

Hotter-than-anticipated April's U.S. CPI data, which were released earlier this month, raised worries that accelerating inflation might prompt the Federal Reserve to pull back on its stimulus for the U.S. economy. But the Fed's officials have been playing down the risk of rising prices, reiterating the view that any spike in inflation will be temporary.

Market participants also awaited the announcement of a $6 trillion budget proposal by the U.S. President Joe Biden later today. The New York Times (NYT) reported on Thursday that Biden is to unveil his budget plans on Friday, which calls for around $6 trillion in federal spending for the 2022 fiscal year. 

Dell (DELL) reported Q1 FY 2021 earnings of $2.13 per share (versus $1.34 per share in Q1 FY 2020), beating analysts’ consensus estimate of $1.62 per share.

The company’s quarterly revenues amounted to $24.499 bln (+11.6% y/y), beating analysts’ consensus estimate of $23.352 bln.

DELL closed Thursday's trading session at $99.70 (0.00%).

Salesforce (CRM) reported Q1 FY 2021 earnings of $1.21 per share (versus $0.70 per share in Q1 FY 2020), beating analysts’ consensus estimate of $0.88 per share.

The company’s quarterly revenues amounted to $5.963 bln (+22.6% y/y), beating analysts’ consensus estimate of $5.890 bln.

The company also issued upside guidance for Q2, projecting EPS of $0.91-0.92 versus analysts’ consensus estimate of $0.86 and revenues of $6.22-6.23 bln versus analysts’ consensus estimate of $6.16.

For the full year, it sees EPS of $3.79-3.81 versus analysts’ consensus estimate of $3.45 and revenues of $25.90-26.00 bln versus analysts’ consensus estimate of $25.75 bln.

CRM rose to $236.89 (+4.90%) in pre-market trading.

HP (HPQ) reported Q2 FY 2021 earnings of $0.93 per share (versus $0.51 per share in Q2 FY 2020), beating analysts’ consensus estimate of $0.89 per share.

The company’s quarterly revenues amounted to $15.877 bln (+27.3% y/y), beating analysts’ consensus estimate of $14.960 bln.

The company also issues upside guidance for Q3 FY 2021, projecting EPS of $0.81-0.85 versus analysts’ consensus estimate of $0.75. For the full FY 2021, it guided EPS of $3.40-3.50 versus analysts’ consensus estimate of $3.30.

HPQ fell to $30.49 (-5.02%) in pre-market trading.